“Absa has faced criticism for sinking 0.3% of its Money Market clients’ investments in the wake of African Bank’s crash and bailout. Absa Money Market (AAM) clients were notified as late as Tuesday (19 August) that the fund had removed all African Bank investments from its market. Absa had to adjust the value of its Money Market by 0.3%, effectively swiping that value off of clients’ investments, providing a 0% interest rate for the period. With a money market value of R52.8 billion, Absa in effect swiped off R158.4 million in investments. Money Market clients were not impressed with the news, and even less so that they were notified long after the move.”
http://businesstech.co.za/news/banking/66332/why-absa-took-0-3-of-clients-money/
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